Kenya: Nairobi Records Highest Number of New Millionaires

Kenya created 180 new dollar millionaires in 2017, growing the number of persons with a net-worth of over Sh500 million to 1,290.

According to a new report, the tough economic times that prevailed due to biting drought and an extended electioneering period did not slow down individual wealth growth among a select few.

Data from Knight Frank’s Wealth Report indicates that there was a 16.2 per cent growth in the number of the super-rich from 1,110 recorded in 2016. According to the report, out of the 1,290 dollar millionaires, 90 were worth Sh5 billion with less 10 individuals estimated to have a net-worth of over Sh50 billion.

The number of wealthy Kenyans worth at least Sh500 million is also set to grow further by 74 per cent over the next five years to 2,070 in 2022.

Knight Frank’s 2018 wealth report shows that Nairobi’s population of the super rich grew at the fastest rate in 2017, beating its peers in the region.

During the year, 40 Tanzanians entered the club of dollar millionaires worth over Sh500 million, taking the country’s total to 250.

Retail, finance, banking and investment, industrial business and manufacturing were the top sectors generating wealth for these Kenyans.

A majority of wealth advisors in the country (81 per cent) say they expect their clients’ net worth to increase in 2018 compared to five per cent who expect it to decline.

“This expectation of increased wealth underlines the confidence that Kenyan high net worth Individuals have in the future economic performance of the country,” said Ben Woodhams, Managing Director at Knight Frank Kenya on Thursday.